Brandywine Realty Trust exceeded targets for Q3 2024, but reported a net loss.
From GlobeNewswire: 2024-10-22 17:42:00
Brandywine Realty Trust reported exceeding targets for the third quarter of 2024. Their speculative revenue target was raised to $26.3 million, representing a 7% increase over the original plan. The annual tenant retention rate was also increased by 3.0%, with capital market progress seen through the sale of an office portfolio for $65.5 million.
Financial results for the quarter included a net loss of $(165.5) million, or $(0.96) per share, and Funds from Operations (FFO) of $39.8 million, or $0.23 per diluted share. The core portfolio was 87.2% occupied and 88.7% leased. New and renewal leases totaled 298,000 square feet wholly-owned and 558,000 square feet with joint ventures.
Asset sales for the quarter included an office portfolio sale for $65.5 million, with net cash proceeds of $44.1 million. Joint venture activity saw Brandywine Realty Trust pay down $23 million of preferred equity positions, impairing the common equity position. The company had $40.0 million outstanding on a $600.0 million unsecured credit facility as of September 30, 2024.
For the third quarter of 2024, Brandywine Realty Trust reported a net loss of $(165.5) million or $(0.96) per share, including impairment losses totaling $(161.4) million, and FFO of $39.8 million or $0.23 per diluted share. Their first nine months of 2024 saw a net loss of $(152.3) million, or $(0.88) per share, and FFO of $119.0 million or $0.68 per diluted share. Operating and leasing activities saw NOI decrease (2.0)% on an accrual basis and increase 1.6% on a cash basis.
Brandywine Realty Trust has adjusted its 2024 loss per share guidance from $(0.01) – $0.04 to $(1.01) – $(0.98) per share, and FFO guidance from $0.91 – $0.96 to $0.89 – $0.92 per diluted share. The company’s key assumptions for 2024 include year-end core occupancy and leased ranges, rental rate growth, and a speculative revenue target of $26.3 million achieved as of October 18, 2024.
Read more at GlobeNewswire:: Brandywine Realty Trust Announces Third Quarter 2024